Precision Farming Market Size Worth $16.35 Billion By 2028 | CAGR: 13.1%: Grand View Research, Inc.

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Apr 22, 2021, 05:35 ET

SAN FRANCISCO, April 22, 2021 /PRNewswire/ -- The global precision farming market size is anticipated to reach USD 16.35 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 13.1% from 2021 to 2028. Precision farming, also known as site-specific crop management or satellite farming, is a farm management concept that uses information technology to ensure optimum health and productivity of crops. The precision farming technique largely depends on specialized equipment such as sensing devices, antennas and access points, and automation and control systems. It also involves maintenance services and managed services. Additionally, it incorporates a broad range of technologies such as bio-engineering, robotics and automation, imagery and sensors, and big data.

Key suggestions from the report:

Increasing government support for adopting modern agricultural techniques and the growing need for efficiently monitoring the health of crops are expected to drive market growth
The cloud-based software model is anticipated to gain significant market share over the projected period as it reduces energy consumption and provides storage for a large amount of data while facilitating cost saving
Innovations in GPS mapping and related farming applications are enabling farmers to operate more efficiently and increase their profit margins
Demand for drones is expected to grow in the agriculture field as they are increasingly used in monitoring irrigation systems
Yield monitoring finds wide applications in soil monitoring as it helps detect the properties of soil for increasing yields
The digital revolution in the agricultural sector, along with government financial incentives to farms, is likely to drive demand for precision farming in Europe in the forthcoming years
Asia Pacific is expected to witness the fastest growth owing to the availability of the largest agricultural land, which provides growth opportunities in countries such as China, India, Australia, and Japan
Key players in the precision agriculture market include AgEagle Aerial Systems Inc. (Agribotix LLC); Deere and Company; Proagrica (SST Development Group, Inc.); Farmers Edge, Inc.; and Granular, Inc.

Read 150 page research report with ToC on "Precision Farming Market Size, Share & Trends Analysis Report By Offering, By Application (Yield Monitoring, Weather Tracking, Field Mapping, Crop Scouting), By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/precision-farming-market

The growing number of applications for telematics in agriculture is anticipated to drive demand for precision farming over the projected period. Telematics services include tracking devices using the Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes. Major manufacturers of agriculture equipment are adopting telematics services for their equipment to improve farm efficiency, thereby reducing the cost of agricultural operations and maximizing profitability. Additionally, improved management can help reduce environmental impact. Telematics technology is used to capture and transfer data from the farm equipment through sensors installed on tractors and other field monitoring equipment. The increasing adoption of telematics systems by agricultural equipment companies is expected to drive market growth.

Furthermore, with advancements in GPS guidance and automation, drones are poised to transform the agriculture industry. The ability of drones to precisely analyze the soil at the beginning of the crop cycle and detect a plant infected with bacteria or fungus is anticipated to propel the growth of the drone segment.

However, the low rate of technology adoption among farmers is likely to hamper market growth over the forecast period. This may be due to factors such as the absence of stringent standards and limitations on the exchange of data. Furthermore, farmers lack independent consulting and advisory services owing to the absence of validated agronomic models for Variable Rate Technology (VRT) to make decisions on investments. Independent services are not linked to co-operatives, government bodies, and farmer associations where farmers can get additional information to make improved decisions.

Grand View Research has segmented the global precision farming market based on offering, application, and region:

Precision Farming Offering Outlook (Revenue, USD Million, 2016 - 2028)

Hardware

Automation & control systems

Drones
Application control devices
Guidance system

Remote sensing

Handheld
Satellite sensing

Driverless tractors
Mobile devices
VRT

Map-based
Sensor-based

Wireless modules

Bluetooth technology
Wi-Fi technology
Zigbee technology
RF technology

Sensing devices

Soil sensor

Nutrient sensor
Moisture sensor
Temperature sensor

Water sensors
Climate sensors
Others

Antennas & access points

Software

Web-based
Cloud-based

Services

System integration & consulting
Maintenance & support
Managed services

Data services
Analytics services
Farm operation services

Assisted professional services

Supply chain management services
Climate information services

Precision Farming Application Outlook (Revenue, USD Million, 2016 - 2028)

Yield Monitoring

On-farm
Off-farm

Field Mapping
Crop Scouting
Weather Tracking & Forecasting
Irrigation Management
Inventory Management
Farm Labor Management

Precision Farming Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
France
Russia
Italy

Asia Pacific

Japan
China
India
Singapore
Australia

South America

Brazil

Middle East and Africa (MEA)

List of Key Players of Precision Farming Market

Ag Leader Technology
AgJunction, Inc.
CropMetrics LLC
Trimble, Inc.
AGCO Corporation
Raven Industries Inc.
Deere and Company
Topcon Corporation

Find more research reports on Next Generation Technologies Industry, by Grand View Research:

Agriculture Drones Market – The global agriculture drone market was valued at USD 193.4 million in 2015. The increasing investments rendered to the manufacturers, by the venture firms, are expected to drive the market over the forecast period.
Smart Agriculture Market – The global smart agriculture market size was valued at USD 5.79 billion in 2016. Increasing automation of commercial greenhouses and growing implementation of the Controlled Environment Agriculture (CEA) concept in greenhouses, in a bid to obtain higher yield and maintain optimum growing conditions, are the key factors driving demand over the projected period.
Vertical Farming Market – The global vertical farming market size was valued at USD 3.89 billion in 2020. It is anticipated to expand at a compound annual growth rate (CAGR) of 23.6% over the forecast period.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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